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Understanding Real Estate Seller Agency

Washington DC Real Estate Buyers Agency
There are many advantages to working with an M Squared consultant to sell your home in Washington, DC. From never missing a new buyer, to getting the best price.  M Squared consultants live, work and play in Washington, DC.  We are life-long residents and look forward to make sure you have a smooth transaction.

By definition, your agent is someone who will represent your interests. And a handful of laws governing agency relationships have been designed to help you feel safe with your decision. Here are a few basics you should know:

When a real estate agent/broker represents a buyer or seller, the agent/broker owes the buyer or seller certain fiduciary duties, which means they're charged with requirements of confidentiality, obedience, fidelity, loyalty, accounting, and reasonable skill and care.

When a real estate agent/broker does not represent a buyer or seller, no fiduciary duties exist. However, even when there are no official duties, real estate professionals still have an obligation of honesty to all parties with whom they interact.

At M Squared, all consultants must:

  • By loyal and act in your best interests;
  • Obey your lawful instructions;
  • Protect your confidences;
  • Exercise reasonable skill and diligence when answering your questions;
  • Be accountable for handling funds and paperwork;
  • Present all offers in a timely fashion; and,
  • Execute other duties as outlined in your buyer agency agreement.

In Washington, DC the following buyer agency relationships can be established:

Seller's Agent: A seller's agent works for the real estate company that lists and markets the property for the sellers, or landlords, and exclusively represents the sellers or landlords. That means that he or she may assist the buyer or tenant in purchasing or renting the property, but his or her duty of loyalty is only to the sellers or landlords. The seller pays the seller's agent's fee as specified in a written listing agreement.

Cooperating Agent: A cooperating agent works for a real estate company different from the company for which the seller's agent works. The cooperating agent can assist a buyer or tenant in purchasing or renting a property, but his or her duty of loyalty is only to the sellers or landlords. The cooperating agent's fee is paid by the sellers or landlords through the seller's agent's company.